FWCM: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FWCM
Largest movements
- Receivables after one year +€30,000
new in 2025: €30,000
- Cash -€19,694
down €19,694 (-10.1%), from €194,874 to €175,180
mainly Receivables after one year (-€30,000) and Tax, wage and social debts (-€8,217)
- Tangible fixed assets -€10,905
down €10,905 (-19.9%), from €54,878 to €43,973
of which Land and buildings: -€10,092
- Receivables within one year +€4,746
up €4,746 (+3.5%), from €135,968 to €140,714
of which Other amounts receivable: +€7,102
- Tax, wage and social debts -€8,217
down €8,217 (-25.1%), from €32,733 to €24,516
of which Taxes: -€6,532
- Reserves +€5,350
up €5,350 (+1.7%), from €313,396 to €318,746
- Gross operating margin +€2,313
up €2,313 (+10.3%), from €22,562 to €24,875
- Financial charges -€1,931
down €1,931 (-48.3%), from €3,994 to €2,063
- Taxes +€1,786
up €1,786 (+75.2%), from €2,376 to €4,162
- Financial income -€1,136
down €1,136 (-67.1%), from €1,694 to €558
- Other operating charges +€717
up €717 (+32.1%), from €2,237 to €2,954
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,718 | €444,737 | +€7,019 | +1.6% |
| Fixed assets | 21/28 | €104,918 | €94,013 | -€10,905 | -10.4% |
| Tangible fixed assets | 22/27 | €54,878 | €43,973 | -€10,905 | -19.9% |
| Land and buildings | 22 | €51,833 | €41,741 | -€10,092 | -19.5% |
| Plant, machinery and equipment | 23 | €205 | €86 | -€119 | -58.0% |
| Furniture and vehicles | 24 | €2,840 | €2,146 | -€694 | -24.4% |
| Financial fixed assets | 28 | €50,040 | €50,040 | = | 0.0% |
| Current assets | 29/58 | €332,800 | €350,724 | +€17,924 | +5.4% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Amounts receivable within one year | 40/41 | €135,968 | €140,714 | +€4,746 | +3.5% |
| Trade receivables | 40 | €124,512 | €122,156 | -€2,356 | -1.9% |
| Other amounts receivable | 41 | €11,456 | €18,558 | +€7,102 | +62.0% |
| Cash at bank and in hand | 54/58 | €194,874 | €175,180 | -€19,694 | -10.1% |
| Deferred charges and accrued income | 490/1 | €1,958 | €4,830 | +€2,872 | +146.7% |
| Total equity and liabilities | 10/49 | €437,718 | €444,737 | +€7,019 | +1.6% |
| Equity | 10/15 | €330,687 | €336,037 | +€5,350 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,396 | €318,746 | +€5,350 | +1.7% |
| Distributable reserves | 133 | €313,396 | €318,746 | +€5,350 | +1.7% |
| Profit (loss) carried forward | 14 | -€1,309 | -€1,309 | = | 0.0% |
| Amounts payable | 17/49 | €107,031 | €108,700 | +€1,669 | +1.6% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €65,511 | €64,230 | -€1,281 | -2.0% |
| Trade debts | 44 | €1,552 | €4,048 | +€2,496 | +160.8% |
| Suppliers | 440/4 | €1,552 | €4,048 | +€2,496 | +160.8% |
| Taxes, remuneration and social security | 45 | €32,733 | €24,516 | -€8,217 | -25.1% |
| Taxes | 450/3 | €31,048 | €24,516 | -€6,532 | -21.0% |
| Remuneration and social security | 454/9 | €1,685 | - | -€1,685 | |
| Other amounts payable | 47/48 | €31,226 | €35,666 | +€4,440 | +14.2% |
| Accrued charges and deferred income | 492/3 | €11,520 | €14,470 | +€2,950 | +25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,906 | €10,904 | -€2 | 0.0% |
| Other operating charges | 640/8 | €2,237 | €2,954 | +€717 | +32.1% |
| Gross operating margin | 9900 | €22,562 | €24,875 | +€2,313 | +10.3% |
| Operating profit (loss) | 9901 | €9,419 | €11,017 | +€1,598 | +17.0% |
| Financial income | 75/76B | €1,694 | €558 | -€1,136 | -67.1% |
| Recurring financial income | 75 | €1,694 | €558 | -€1,136 | -67.1% |
| Financial charges | 65/66B | €3,994 | €2,063 | -€1,931 | -48.3% |
| Recurring financial charges | 65 | €3,994 | €2,063 | -€1,931 | -48.3% |
| Profit (loss) for the period before taxes | 9903 | €7,119 | €9,512 | +€2,393 | +33.6% |
| Income taxes | 67/77 | €2,376 | €4,162 | +€1,786 | +75.2% |
| Profit (loss) for the period | 9904 | €4,743 | €5,350 | +€607 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,743 | €5,350 | +€607 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.